September 11, 2019 / 6:29 AM / 5 months ago

Australian regulator says on-site at major financial firms since Oct

Sept 11 (Reuters) - Australia’s investment regulator said on Wednesday its staff have been on-site at the offices of Australia’s major banks and wealth manager AMP Ltd since October last year to monitor firms after a probe into the sector.

The Australian Securities and Investments Commission (ASIC) said its staff have been conducting on-site reviews for 164 out of 222 working days since October 2018.

The country granted ASIC powers to place supervisors inside firms last year after a broad inquiry into the sector exposed systemic wrongdoing by some of the Australia’s top financial institutions. (Reporting By Rushil Dutta in Bengaluru; Editing by Sam Holmes)

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